Update:
AdNews now understands that marketing partnerships, the entire cloud technology practice and senior staff across technology, digital marketing and people roles including the chief technology officer and chief culture officer were among those made redundant. Most of the New Zealand office's key account managers were apparently also let go. Up to 60 redundancies have been made in the last four months.
Technology consulting group Trimantium GrowthOps has rolled out redundancies following the recent restructure of its board.
AdNews understands around 40 roles were made redundant.
A spokesperson for GrowthOps confirmed redundancies following a review of the business under the new GrowthOps board and CEO.
“It reaffirms the company’s purpose – to reinvent how organisations grow – and puts our clients at the heart of our strategy. It’s a natural evolution following the integration work completed over the last 20 months," the spokesperson said.
“To enable the delivery of our strategy, we have restructured the organisation resulting in the establishment of two divisions – Australia & New Zealand and Asia, in addition to the removal of some roles that do not directly service clients.
“Jason Polson has been appointed as the CEO – ANZ, while Chee Hung Goon will continue to lead Asia as CEO – Asia.”
The redundancies follow a recent restructure of the company's board which saw GrowthOps founder and executive director, Phillip Kingston transition to a non-executive director, the addition of six new board members and the retirement of three others.
Restructuring of the board was recommended by the retiring board to implement the next stage in the company’s growth strategy.
Yesterday, the company's share price dropped almost 19% and today it fell another 6.67%.
The company listed on the ASX early last year following a $70 million IPO.
At the time it listed, the company was worth $143 million.
Trimantium GrowthOps formed in late 2017 as part of an eight-way merger, acquiring AJF Partnerships, 3wks, Digital Moshi, Institute of Executive Coaching and Leadership, jtribe, KDIS, Khemistry and Voodoo Creative.
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